After running to new record highs against all currencies in 2024, gold bullion today set a new all-time high for UK investors, rising 37.5% from this time last year as the Pound continues to slide with Gilt prices.
See the live gold price in UK Pounds here:
https://www.bullionvault.co.uk/gold-price/gold-price-uk
Commenting on today’s new high of £2172 per Troy ounce, BullionVault director of research Adrian Ash says:
“Because gold pays no interest, it usually falls in price when bond yields rise. Gold rising together with government borrowing costs signals how uneasy the markets are becoming over the UK’s budget deficits and long-term debt.
Between 2002 and 2022, gold priced in the Pound went in the opposite direction to the yield offered by 30-year Gilts almost 2/3rds of the time on a 3-month basis. Since then – when inflation surged and financial sanctions against Russia for invading Ukraine led other central banks to buy gold as an escape from Western assets – they have moved together more than half the time. Across the past 52 weeks, that figure rises to nearly 70%.
“Last time gold made extended gains like this against a backdrop of rising yields was the 1970s,” says Ash.
While BullionVault users as a group continue to take profits overall after trimming their securely-stored holdings of gold by 0.1% in December, new account openings by UK residents have jumped by 79.9% over the past 3 months from the prior 3-year average.
About BullionVault
BullionVault is the world’s largest online marketplace for gold, silver, platinum and palladium. Marking 20 years this April of enabling private investors to access the low costs, deep liquidity and ultra-high security of the wholesale bullion market, the West London fintech now cares for $4.9 billion of precious metal (£3.9bn, €4.7bn, ¥766bn) for more than 110,000 users from 175 countries. Clients also include SIPP and IRA pension accounts, investment funds, corporate treasuries and charitable trusts.
BullionVault.co.uk offers:
· Live trading 24/7;
· Instant settlement of physical bullion for USD, EUR, GBP and JPY;
· Low-cost storage in secure vaults (London, New York, Singapore, Toronto & Zurich);
· A unique Daily Audit proving the full allocation of client property in public.
A full member of professional trade body the London Bullion Market Association (LBMA) since 2008, BullionVault was chosen in 2017 as online vaulted bullion partner of the mining-industry backed World Platinum Investment Council. Regularly quoted in major UK and international media including the BBC, Handelsblatt, Bloomberg and Nikkei Business, BullionVault in 2022 won a third Queen’s Award for Enterprise, this time for International Sales.
For further information, please visit https://www.bullionvault.co.uk
